Romania’s economy grew by 2.4% on the year in the first half of 2014, but is in recession after a second consecutive quarter of decline.
The fuel market fell nearly 2% on the year in the first six months of 2014.
MOL Romania said the fuel market had a positive evolution in the first quarter and was closer to its potential due to the economic evolution. However, starting with the second quarter, the changes brought to the tax system, which are unrelated to the organic evolution of the market, triggered a distortion in consumer behavior and led to a decline in the fuel market.
The Romanian Government introduced an additional fuel excise of EUR0.07 per liter, starting April 1. The authorities also introduced a new tax on special constructions, equal to 1.5% of the construction’s value, expecting to collect RON1.5 billion this year from the new tax.
MOL Romania’s sales were flat on the year in the first half, to 236,000 tons, and diesel oil accounted for the bulk.
MOL Romania registered sales of EUR979 million in 2013, up 5% on the year.